BlackRock CEO expresses strong optimism for Bitcoin as its ETF surpasses $17 billion in value.

BlackRock CEO Larry Fink expressed his positive surprise at the performance of his firm’s Bitcoin exchange-traded fund (ETF) and reiterated his bullish stance on the long-term prospects of Bitcoin. Fink described the iShares Bitcoin Trust (IBIT) as the fastest-growing ETF in history, with assets accumulating at an unprecedented rate. IBIT recorded $13.5 billion in flows within the first 11 weeks of trading, reaching a daily high of $849 million on March 12. Fink praised the increased liquidity and transparency that the ETF has brought to the market, admitting that he did not anticipate such strong retail demand. Despite his surprise, Fink remains confident in the long-term viability of Bitcoin. IBIT currently holds $17.1 billion in Bitcoin and achieved the $10 billion milestone within just two months, a feat that took the first gold ETF two years to accomplish. Among approved ETFs, IBIT only trails behind the Grayscale Bitcoin Trust in terms of Bitcoin holdings. However, Grayscale’s Bitcoin holdings have been declining since it converted to a spot Bitcoin ETF. In addition to IBIT, the Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF are leading inflows among Bitcoin ETF issuers. While some predict that certain ETF issuers may struggle to generate profits and eventually shut down, others have lowered fees in an attempt to compete with larger players. However, these smaller issuers face a challenging battle against industry giants. On March 27, Hashdex became the 11th and most recent entrant to the competitive spot Bitcoin ETF market in the United States after gaining approval for its ETF.